Reliance Industries Chairman Mukesh Ambani said he is a big believer in blockchain technology.
Modernise supply chains
“Blockchain is very important for a trust-based, equitable society and can be used to modernise the supply chains that form the lifeblood of the economy,” he said.
Blockchain can deliver unprecedented security, trust, automation and efficiency in transaction,” Ambani said.
“I think that smart token is making sure that you are creating transactions that can never be changed,” he said.
Innovative solutions
Ambani believes blockchain technology will also encourage innovative solutions.
He said it will take care of the working capital needs of lakhs of merchants.
The billionaire said that data was the “new oil”, but then went on to differentiate it from “the traditional oil”. Ambani said that while traditionally oil was extracted only at a few places, thus generating income only for select countries, data can be generated and consumed anywhere and by anyone, and can create value equitably, across sectors, geographies, and across economic boundaries.
A bill for regulating cryptocurrency is undergoing for prohibiting all private cryptocurrencies, with certain exceptions to promote the underlying technology of cryptocurrency and its purposes.
